Northeast Propane Infrastructure, Supply Shortages & High Cost to Consumers

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1 Northeast Propane Infrastructure, Supply Shortages & High Cost to Consumers Crestwood s Finger Lakes NGL Storage Facility "The Solution"

2 Crestwood Midstream Facilities Overview Gathering & Processing Gas Storage NGL & Crude Services Regional Dispatch Office Transportation Shop Basin Areas Shale Areas Bath NGL Storage South Jersey Terminal Peekskill Rail Terminal 2

3 Diversified US Midstream Portfolio Existing platform in every premier shale play in North America creates significant opportunity for optimization, organic expansion, and strategic M&A ASSET SUMMARY (1) Natural Gas 1.3 Bcf/d natural gas transportation capacity 2.1+ Bcf/d gathering capacity 1,260+ miles of pipeline ~80 Bcf natural gas storage capacity (2) NGL and Crude Oil Eight natural gas processing plants 600+ MMcf/d processing capacity 180,000 BPD crude oil rail terminal facilities 125,000 BPD crude oil gathering NGL and crude logistics business including trucks, rail cars, terminals, fractionation, storage and marketing 4.6 MMBbls NGL Storage 8,000 Bbl/d fractionator 520 NGL truck/trailer units 1,071 rail car units 2 crude unit trains on order in 2015 (1) Includes announced expansion projects (2) Total storage capacity is expected to be reduced to 58 Bcf following Tres Palacios application filed with the FERC on December 6, Gathering and Processing Gas Storage and Transportation NGL and Crude Services Basin Areas Shale Regions Headquarters --- High Growth --- Core Optimize --- Core Stable 3 3

4 NGL Supply & Logistics Services Provided Key Relationships Provides producers and refinery customers NGL production takeaway achieving flow assurance and optimal netbacks Ability to handle molecules across the value chain en route to end-users Storage, Terminals, Transportation Hub supply and hedging for producers and end-users Liquidity and price discovery Hedge for retail propane sector and refiners/processors/petrochemicals Supplier in market hubs for shippers and endusers Well positioned to manage local market dislocations and price volatility 118,000 BPD of NGLs marketed in last fiscal year 4

5 NGL Storage & Terminal Overview Bath Facility 1.7 MMBbl of NGL underground storage Steuben County, NY 100% contracted with maturity to 2016 (a) Nine separate caverns allow for segregation of multiple streams Rail and truck terminal facilities Watkins Glen Project Developing 2.1 MMBbl of underground NGL storage Schuyler County, NY Will connect to Teppco pipeline Rail and truck terminal facilities Awaiting regulatory approval for almost 5 years Seymour Terminal 0.5 MMBbl of underground and above ground NGL storage Seymour, IN Connected to Teppco pipeline Truck terminal facilities South Jersey Terminal Rail terminal facility Bridgeton, NJ Provides supply point for Marcellus/Utica sourced LPG in high-demand Northeast market (a) Bath is 100% contracted with Crestwood Equity Partners, which is operated by Crestwood Midstream Partners 5

6 Northeast Growing Supply & Limited Infrastructure Growing Supply Increases Seasonal Imbalances Growing PADD 1 NGL production: Announced PADD 1 C2+ Fractionation capacity will reach approx. 770 MBPD in 2015/16 according to Bentek By MBPD of production will be C2 That remaining production, approx. 400 MBPD will be C3+ Around 50% of the C3+ production will be Propane (200 MBPD) Crestwood s estimates indicate Propane production could exceed 300 MBPD Pipeline Take-away: Teppco (40 summer vs. 80 winter) volume weighted 60 MBPD Mariner East (1&2) 70 MBPD Propane/Butane mix. Approx. 50 Propane Local storage for seasonal demand fluctuations Provides destination for growing supply during low demand summer months Additional NGL export capacity at Marcus Hook Favorable global price differentials Mb/d Northeast Propane Pipeline Options Source: Bentek & Crestwood Internal C3 Production Teppco Mariner East (1&2) 6

7 Northeast Propane Storage The Case for NGL Storage in PADD 1A / 1B Increasing Marcellus/Utica production eliminates supply from the Gulf Lack of local storage infrastructure to meet seasonal demand shift New pipeline injection production Forces daily production to truck, rail, or pipeline demand Summer production is forced to export from Mid-Atlantic or Mont Belvieu Lost 500,000 Bbls of Storage from Todhunter, OH shutdown. Seasonal product shortages in PADD 1A / B leads to higher import cost North American Rail Canadian Imports USGC Rail Foreign imports to East Coast waterborne Terminals Source: EIA 7

8 Northeast Contracted & Spot Supply vs. Mt. Belvieu All Price Differentials are vs. Mt Belvieu NGL Storage Belvieu + $.30 Product kept locally Import Cargo (waterborne) + $1.50 Spot Pipeline + $.25 contracted + $1.25 spot Rail + $.30 contracted + $.60-$1.00 Spot Long trip times from USGC/Canada Source: Crestwood Internal Truck (long-haul) + $1.00 Very limited capacity 8

9 Storage Provides Price Protection and Supply Assurance Northeast Propane Price Spike: Winter 2013/14 Avg. NY Wholesale v. TET Mt. Belvieu Oct 0.26 Nov 0.37 Dec 0.55 Jan 0.79 Feb 0.94 Mar 0.65 Source: EIA /OPIS 9

10 Propane Supply Chain and Economic Impact Economic Impact Insufficient Northeast storage requires Propane imports to meet higher winter demand Import alternatives are more expensive than local storage and results in higher prices for consumers Without additional storage, the growing Northeast production surplus will be forced out of PADD and then imported back in Double handling product would further increase prices 10

11 Finger Lakes 2.1 MMBbls Impact to Northeast Supply From Dec-Mar the Northeast imported a total of 1.8 MM Bbls through Providence, RI and Newington, NH If Finger Lakes had been in-service this high cost import product would not have been necessary The Newington, NH and Providence, RI import facilities have listed storage capacity, however neither has the capability to refrigerate domestic product received by truck or rail. NGL Import Facilities MBbls MBPD Newington, NH Providence, RI Crestwood Proposed Finger Lakes Storage NGL Storage Facilities MBbls MBPD Watkins Glen, NY 2, Current PADD 1A/B NGL STORAGE CAPACITY NGL Storage Facilities MBbls MBPD Bath, NY 1,500 8 Hartford Mills, NY Greensburg, PA Bayway, NJ Teppco Watkins Glen, NY 1,141 6 Marcus Hook, PA 1,500 8 Current Storage 5, Finger Lakes % of Current Capacity 41% *MBPD capacity assumes an Oct 1-Apr 1 (180 day) withdrawal season 11

12 Crestwood s Finger Lakes Proposed LPG Storage Facility Facility Overview $40 MM shovel-ready investment 2.1MMBbls (88.2 MM Gals) of Propane Storage Connected to Teppco pipeline Summer fill from various Shale Injection Points (Pipeline Truck & Rail Receipts) Winter Delivery Out via Pipeline to Selkirk Gateway to New England Market (ME, NH, MA, RI & CT) Truck & Rail Permitting and Development issues Challenging regulatory environment 4+ years in the permitting process Completed Strategic Risk Analysis outcomes were very favorable Satisfied all & Engineering & Subsurface requirements of NY DEC 2nd Quarter 2013 Shovel-ready project waiting state approval 12

13 Propane Supply / Demand 400 PADD 1 Propane Supply Demand Balance MBPD 67 MBPD 81 MBPD MBPD MBPD MBPD Source: EIA Supply Deficit Net Receipts by Pipeline, Tanker, and Barge From Other PADDs Refinery Production Net Imports Gas Plant Production Product Supplied 13

14 Conclusions Growing shale production in Marcellus and Utica provide significant new supply of Propane to all of PADD 1 Seasonality's of Propane demand create large seasonal imbalance of supply of PADD 1A/B Crestwood s 2.1 MMBbl Shovel-Ready Finger Lakes storage project provides: Pipeline connection in from all injection points of new production and Pipeline capacity out to terminals serving New England market The lowest cost logistics solution Reduces consumer exposure to high cost imported product Utilizes idle summer pipeline capacity to solve seasonal imbalance Crestwood can complete the Finger Lakes Project to provide these benefits for the coming 2015/16 winter season with a decisive approval from the state of New York, assuming Crestwood receives state approval in

15 Q&A

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